Renovating with FHA 203K Limited
Homeowners in Plano, TX are utilizing the FHA 203K Limited to purchase a home and roll in the cost of new flooring throughout the property. Sometimes you find a great property in the perfect location but may be lacking in one area. For these buyers, new flooring was needed and a 203K renovation loan was there to help!
A lot of times 203K loans are used to fix mandatory repairs like broken windows, leaky plumbing or even electrical issues. With a total budged around $30,000 it was all desired repairs which is also an integral part of the 203K arsenal. Check out some of the project details and 203K facts below!
FHA 203K Renovation Numbers
Purchase Price
Base Bid
Contingency
Inspections
$310,000
$28,062
10%
1
After improved value of $365,000.00
The home was built in 1981 with great bones and a bean shaped pool in back. The kitchen received an upgrade less than a year ago aside from the flooring of course. Overall the house has been very well maintained over the years. About 20 miles from downtown Dallas and in the Plano school district the location was key for these buyers.
As you will see in the before pictures below, the home will receive new hardwood flooring in the family room, dining room, halls, master bedroom and entry way. The master bedroom also had the baseboards redone along with new tile to finish the kitchen face lift. While they were at it the garage area received a fresh coat of paint. After a final inspection, the job was done and buyers happy. Thank you to FHA 203K Renovaiton for making this remodel possible!.
Living area before new hardwood floors
Kitchen before new tile
Dining before new hardwood
Master Bedroom before new hardwood and baseboards
Did you know this about the FHA 203K Limited Loan?
There are two types of 203K renovation Loans - 2o3K Standard and 203K Limited. 2o3K Standard is for larger projects that may include structural repairs or home additions. 2o3K Limited is for projects under $35,000 and can be used for non structural repairs. Take a look at some of the highlights of the 203K Limited below:
FHA 203K Limited Guidelines
- Repairs under 35k allowed for FHA 203K Limited
- Non structural repairs - costmetic only
- You are allowed to have 3 different contractors
- There is only one final inspection when the project is complete
- Can be quick and easy if you need to meet a closing date
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.